5.40pm
The New Zealand dollar followed the euro lower today in a quiet session.
At 5pm, the kiwi was at US64.10c (from US64.18c at 5pm yesterday), having traded between US64.02c and US64.44c.
The Australian dollar was at US74.18c (US74.66c).
"It hasn't been a hugely exciting day," an ANZ Investment Bank dealer told NZPA.
He said the upper limit of the kiwi's range today was reached about the time of the New York close but it was sold off early in today's local session to the US64.25c - US64.40c level.
"US64.25c was quite a big technical level for the kiwi and it finally broke through that when the euro convincingly broke through the psychologically significant US$1.20 level."
The dealer said "a bit of stop loss selling" saw the kiwi fall further to its low for the day.
"It certainly looks like there will be more down side in the kiwi, I'd initially be targeting US63.70c and then US63.50c," the dealer said.
Tonight, direction would likely be set by US Federal Reserve Bank governor Alan Greenspan's testimony before the Senate Banking Committee.
Meanwhile, the greenback was buying 108.33 yen (108.13 at 5pm yesterday), and the euro was at $1.1966 (US$1.2022).
On the crosses, the kiwi was buying A86.42c (A85.97c), 0.5357 euro (0.5339), 69.44 yen (69.39), 35.55 British pence (35.61), and 0.8312 Swiss francs (0.8287).
The trade-weighted index was at 64.75 (64.68), while the monetary conditions index was at plus 487 (482).
Ninety-day bank bill yields were at 5.58 per cent (5.59).
The February 2006 yields were at 5.56 per cent (5.52), July 2009s were at 5.87 per cent (5.85), and April 2013s were at 6.07 per cent (6.03).
- NZPA
<I>Currency:</I> Kiwi follows Euro lower
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